N26 was voted the best digital bank in Europe in 2021, and for good reason. Digital banking is the future: 25% of consumers already use a digital-only bank account, and that number will only increase as time goes on.
N26 Business provides many features of a traditional bank, including cash withdrawals at ATMs, foreign currency transfers and comprehensive insurance plans. If you're a frequent traveller, a freelance worker, or an entrepreneur doing business under your own name, we believe N26 is the best digital bank available today.
What Is N26 Business?
N26 (previously Number 26) is a German digital bank founded in Munich by Valentin Stalf and Maximilian Tayenthal. Founded in 2013, N26 launched its first product in 2015. As of 2021, N26 has more than 7 million customers worldwide and over 1,500 employees around the globe. It boasts a full European banking license and has the backing of established investors such as Insight Venture Partners, Tencent, Allianz, and Greyhound Capital, among many others.
N26 offers two types of accounts: personal and business. It operates in most European countries, including Austria, Belgium, Denmark, Estonia, France, Finland, Germany, Greece, Ireland, Iceland, Italy, Latvia, Liechtenstein, Luxembourg, Lithuania, Netherlands, Norway, Portugal, Poland, Slovakia, Slovenia, Sweden, Spain, Switzerland and the US. Its platform is also available on Android, iOS and desktop.
In this N26 review, I'll go over the N26 Business Bank accounts and the different plans available. I will also share my thoughts and recommend who it's best suited for.
Pros & Cons Of N26 Business
- Easy, Online Signup Process: The N26 sign-up process is fully online, and it won't take more than 10 minutes of your time. All you need to do is fill out the online registration form and complete an ID verification.
- Free Account: You can open an account for free. There's no minimum deposit required to open an account, and there are no maintenance or foreign currency transaction fees.
- Financial Planning Tools: The N26 mobile app offers a free financial planning and budgeting tool. This tool classifies your expenses, provides you with insights, and keeps track of costs so you can save as much money as possible.
- Earn Monthly Cashbacks You can earn cashbacks on every purchase. The cashback is paid out monthly, and the percentage varies with your account type (it ranges from 0.1% to 0.5%).
- Stay Up To Date: You can keep track of every transaction in real-time with the app. Push notifications are shown for any transaction performed with your N26 account, including payments and transfers.
- Insured Funds: N26 insures your funds. All N26 accounts are insured up to €100,000 by the German Deposit Protection Scheme.
- Secure: N26 offers a range of in-app security features. You can freeze your card at a moment's notice if you see suspicious activity, and you can also disable international payments and online payments.
I'd say the biggest is the limited number of free cash withdrawals. Additional withdrawals will incur a small fee – I will go over these fees in the pricing section.
- Limited Cash Withdrawals: Limited free monthly cash withdrawals, depending on your account type (ranges from 3 to 8 withdrawals). Additional withdrawals incur a small fee.
- Unsupported B2B payments: Business to business (B2B) payments between industrial and commercial businesses are not supported with N26 Business accounts.
- One-Account Limit: You can't have two N26 accounts simultaneously; for example, you can't have an N26 Personal and an N26 Business simultaneously.
- No In-Person Service: N26 is completely digital; there are no physical branches for in-person service.
N26 Business Features & Benefits
#1 Quick, Easy Signup Process
The signup process is fully online, and you can get your account up and running in less than 10 minutes. We go over the whole process in the Signup Process section.
#2 Free Account
N26 Business offers a completely free account – the N26 Business Standard. It also offers four different plans; we will go over them in detail in the next section.
#3 No Minimum Deposit Required
To create an N26 account, you don't require any minimum deposit. Whether you go for an N26 Personal or an N26 Business account, you can sign up for free.
#4 Earn Cashback With Every Purchase
You can earn up to 0.5% in cashback with every purchase. The N26 Business Standard offers the lowest (0.1% cashback), and the N26 Business Metal the highest (0.5%).
N26 Business Accounts
There are four types of N26 business accounts: N26 Business Standard, Business Smart, Business You, and Business Metal.
Starting with the similarities, they all offer:
- Statistics and insights into your spending habits.
- A secured online payment platform.
- Send and receive transfers instantly.
- Chatbot support.
- In-app live Chat.
- Deposit protection for up to €100,000, covered by the German Deposit Protection Scheme.
N26 Business Standard Vs. N26 Business Smart
When comparing the four accounts, there is a clear divide between the two pairs, the N26 Business Standard and N26 Business Smart pair and the N26 Business You and N26 Business Metal pair. It only makes sense to compare these pairs separately.
Here's a side-by-side comparison between N26 Business Standard and N26 Business Smart:
|Features||N26 Business Standard||N26 Business Smart|
|Annual cashback on all purchases using N26 Business||0.1%||0.1%|
|Free monthly withdrawals in the eurozone||3||5|
|Free monthly withdrawals worldwide using CASH26||No||No|
|Medical travel insurance||No||No|
|Car rental insurance||No||No|
|Phone support||No||Yes. Available 7 days a week|
These two are very similar; the only differences are the number of free monthly withdrawals (3 and 5) and the phone support available for N26 Business Smart. For €4.90 a month, it really is not worth it for most people to use the N26 Business Smart. Between these two, I'd recommend the no-monthly-fee N26 Business Standard account.
N26 Business You Vs. N26 Business Metal
If you travel a lot and want to ensure you are covered, I'd recommend skipping the N26 Business Smart altogether and upgrading straight to the N26 Business You or the N26 Business Metal.
Here's a side-by-side comparison between N26 Business You and N26 Business Metal:
|Features||N26 Business You||N26 Business Metal|
|Annual cashback on all purchases using N26 Business||0.1%||0.5%|
|Free monthly withdrawals in the eurozone||5||8|
|Free monthly withdrawals worldwide using CASH26||Yes||Yes|
|Trip insurance||Yes. Up to €10,000 in case of cancellation||Yes. Up to €10,000 in case of cancellation|
|Medical travel insurance||Yes. Up to €1 million for you, your partner, and your kids||Yes. Up to €1 million for you, your partner, and your kids|
|Flight insurance||Yes. Up to €500 for delays that last over 4 hours||Yes. Up to €500 for delays that last over 4 hours|
|Mobility insurance||Yes. Up to €20,000 for car sharing, e-scooters and e-bikes||Yes. Up to €20,000 for car sharing, e-scooters and e-bikes|
|Car rental insurance||No||Yes. Up to €20,000 for rental car hires abroad|
|Phone insurance||No||Yes. Up to €1,000 for damage and theft|
|Phone support||Yes. Available 7 days a week||Yes. Available 7 days a week. Access to the priority line|
Both of these are great options for frequent travellers, especially if you travel with your family. Both offer comprehensive medical and flight insurance. Additionally, the N26 Business Metal offers car rental insurance and phone insurance, along with an increase in monthly cashback (from 0.1% to 0.5%).
Another very significant difference, compared to the first pair: both offer unlimited free withdrawals using CASH26. CASH26 is a very useful tool that lets you withdraw and deposit money from thousands of retail stores – no debit card or ATM required. More on this in the FAQs.
Anyone may create an N26 Bank account if they live in the European Union or the European Economic Area (EEA). To receive your Mastercard upon account creation, you must provide a mailing address in one of N26's supported nations. We've included a list of all eligible countries in the FAQ.
An advantage of creating an N26 account is that everything is done online, so there's no need to go anywhere. You can create your account in less than 10 minutes. Here we outline the process:
#1 Visit N26's Page and click on Get Started.
#2 Fill out your basic information.
#3 Add your phone number. To create your account, you have to pair it with your smartphone.
#4 Add a shipping address. This is where your physical N26 card will be sent.
#5 Fill out some additional information and accept the terms of service.
#6 The last step is to confirm your email address. After confirming it, you're all set.
After you've confirmed your email, you can log in to your account and select an N26 plan.
Choosing Your N26 Business Plan
If you're still unsure which plan to pick, these are our recommendations.
- If you don't need travel insurance, don't withdraw a lot of cash in foreign currencies, you should pick the N26 Business Standard plan.
- You don't need travel insurance but would like to enjoy some premium partner offers and discounts, you should pick the N26 Business Smart plan.
- If you and your family need comprehensive travel insurance that includes everything from medical and dental to flight and mobility insurance, then you should consider the N26 Business You plan.
- Suppose you and your family need comprehensive travel insurance, including everything from the N26 Business You, and adding car rental insurance, phone insurance, and access to a priority line when calling N26. In that case, you should pick the N26 Business Metal plan.
Keep in mind that you can always upgrade later, so it's usually a good idea to start with the N26 Business Standard plan and go from there.
N26 Business Fees
The monthly fees for each card are:
- N26 Business Standard: Free.
- N26 Business Smart: €4.90/month
- Business You: €9.90/month
- N26 Business Metal: €16.90/month
Additionally, there is a fee associated with ATM withdrawals, and it depends on your type of card.
- Additional withdrawal fee: There's a €2 fee for each additional withdrawal beyond the free withdrawals limit set by the Fair Use Policy. This number ranges from 3 to 8, depending on your card (refer to the tables above).
- ATM fees: Some external ATMs may charge additional fees. These fees aren't covered by N26 – but they will let you know before you finish the process, so you'll have ample time to cancel.
N26 Business Reviews
N26 has very mixed reviews from its users, and it holds an average rating of 3.6 on Trustpilot. Most complaints seem to be about customer support and how hard it is to get ahold of a human.
Here's what some of those users have to say about N26:
- “Best and fastest bank app I've ever had.” – Mario L.
- “I have been a customer at N26 for several years and have never had any problems.” – Jean C.
- “Worst customer service I have seen in ages.” – Tim.
- “I can't reach any people on the phone or on the Chat, would be nice to have a human response, because the chatbot isn't that helpful. Thanks.” – Pablo G.
N26 Business is a very versatile service that provides you with many of the features of a traditional bank – from cash withdrawals at ATMs to foreign currency transfers to a comprehensive insurance plan. It's especially useful for frequent travellers and freelance or self-employed users doing business under their names.
Digital banking is the future – research focused on digital banking shows that 25% of consumers in 30 countries already have a digital-only bank account. N26 continues to be at the top of the list: it was voted the best digital bank in Europe in 2021, and it boasts 7 million customers worldwide – and this number continues to grow.
N26 Business FAQs
Who is N26 Business for?
The N26 Business account is designed for people who operate their businesses under their names and are self-employed or freelance. As a result, you can't have your company's name on the account or card. N26 is fantastic for international travellers.
In which countries is N26 Business available?
N26 is available in all Eurozone countries except Malta, Cyprus, Lithuania, and Latvia (although the latter two are set to return soon).
That leaves Germany, Austria, Spain, Italy, Ireland, Slovakia, Greece, France, Belgium, Estonia, Finland, Luxembourg, the Netherlands, Portugal, and Slovenia. Recently, they made their EUR-denominated accounts available in Norway, Sweden, Denmark, Poland, Iceland, Liechtenstein, and Switzerland.
They also had local GBP accounts for residents of the UK but decided to close these after Brexit.
Can I keep my N26 Business account if I move or travel to an unsupported country?
Yes. You should be able to keep your account for stays abroad for at least 18 months. N26 may request that your account be closed if you don't intend to return/move to a supported nation by then.
What is CASH26?
CASH26 is a tool available in the N26 app. It lets you withdraw and deposit money at thousands of retail stores. It works by generating a barcode in your N26 app – all you have to do is head to one of the CASH26 partner stores and ask the cashier to scan your barcode. Note that CASH26 is available only in certain countries.
Where is CASH26 available?
CASH26 is available in Austria, Spain, Germany, Italy, and Greece. And Here's a list of the retail stores partnered with CASH26 – by country.
Is CASH26 free? How much can I withdraw using CASH26?
CASH26 is free to use. It comes with the N26 app.
You can withdraw up to €200 each time, up to a maximum of €900 daily. Withdrawing your money with CASH26 is free.
You can deposit up to €999 daily; the minimum deposit is €50. Depositing money with CASH26 has a 1.5% fee on the total amount.